Claiming JSA and bank savings

s13 · 15 June 2010 at 2:52PM

1. if someone wants to claim JSA is there a limit as to how much they should have in the bank in terms of savings?

2. do they check savings that have been put in to cash isa?

3. what happens if these bank savings are from your student loan and you have become a graduate recently?

Person_one · 15 June 2010 at 2:59PM

If you are claiming contributions based JSA your savings don't matter at all and you don't have to declare them.

If you are claiming income based JSA you have to declare your savings (lying or trying to hide them would be benefit fraud). Savings below 6k make no difference, savings above 16k mean no entitlement at all, savings somewhere inbetween means you'll get a means tested amount depending on your assets. If you live with a partner or parents who are in work their income would also be taken into account.

Hammyman · 15 June 2010 at 3:53PM

Just to add that they do have the ability to check up on your accounts, including ISAs.

s13 · 17 June 2010 at 11:16AM

is there a website that you can direct me to- which has this information on it?

Oldernotwiser · 17 June 2010 at 5:42PM

s13 wrote: »

is there a website that you can direct me to- which has this information on it?

Most websites giving information about means tested JSA will mention the rules re savings; it's basic information.

Kate78 · 18 June 2010 at 11:01AM

Here is a good place to start.

KimYeovil · 18 June 2010 at 12:55PM

Unspent earnings/loans are savings. ISAs are savings (there's a bloody big clue in the name).

Essentially you can have savings up to £6000 and not affect (means tested) benefits. Between £6000 and £16000 there will be reductions. Above £16K you are on your own.